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In a homeowners meeting in Milpitas CA, Service Loan Modification (SLM) has announced an interactive loan modification model to help the distressed homeowners discover the optimum way of modifying their existing loans so that they can save their homes. SLM uses the current market data as well as user provided data to take into account the fluctuating home value as well as housing to income ratios.
The homeowners have begun to realize that when the times get tough, it’s time to move fast. Service Loan Modification realizes most of the loan modification programs currently available in the market have not managed to stop the forward march of flood of foreclosures. The model developed by the company intends to help not only the homeowners, but also the lenders wherein they get to minimize the losses by getting acceptable modification terms for themselves.
With the rapid slowdown in the real estate sector, homeowners are in a panic mode and so are the lenders. It’s unfortunate that the mortgage companies are overwhelmed and under prepared for the deluge of modification requests put up by the people as well as foreclosures, and that’s precisely where Service Loan Modification enters the picture.
According to Julie Vuong from SLM, the company intends to bring a sense of balance back to the housing market where despite the large volume of loan modifications, the failure rates are still more than about 50%. Foreclosure turns out to be the worst option for both the lenders as well as the homeowners. The SLM model allows the mortgage companies incorporate relevant data so that they can evaluate larger range of options available to them. That way, they are able to make better informed decisions regarding loan modifications.